Revision Notes For Class 12 Economics Microeconomics Chapter 4 The Theory Of The Firm Under Perfect

The Theory Of The Firm Under Perfect Competition is a chapter that briefs about the competition between a large number of buyers and sellers, who sell analogous products at the same price. This chapter comprises of different concepts – Perfect Competition, features of Perfect Competition, price line, revenue – total revenue, average revenue, marginal revenue, profit, break even point, shutdown point, short run supply curve, meaning of supply, supply schedule, supply curve, elasticity of supply.

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